Baker McKenzie has acted for the underwriters — China International Capital Corporation Hong Kong Securities Limited, CCB International Capital Limited, BNP Paribas Securities (Asia) Limited, CLSA Limited, China Merchants Securities (HK) Co., Limited, ZMF Asset Management Limited, Futu Securities International (Hong Kong) Limited, Yue Xiu Securities Company Limited — in connection with the global offering and Hong Kong listing of OrbusNeich Medical Group Holdings Limited ("OrbusNeich Medical").
OrbusNeich Medical is a major global medical device manufacturer specializing in interventional instruments for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures, with its products sold to over 70 countries and regions worldwide.
The net proceeds raised from the global offering, which reached approximately HKD 366.8 million, will be used for the development and commercialization of its pipeline products, expansion of the company's production capacities, strategic acquisitions, and working capital and other general corporate purposes. OrbusNeich Medical is one of the first movers as an issuer headquartered in the Hong Kong Science Park that has successfully pursued listing in Hong Kong and such listing will likely encourage and prompt more listings of biopharma and medical devices issuers that are operating or conducting their research from the Hong Kong Science Park or in Hong Kong.
The Baker McKenzie team, which provided US and Hong Kong law advice, was led by partners Christina Lee and Ivy Wong (Hong Kong). They were supported by a cross-office team of lawyers including special counsels William Cho and Rachel Wang in Hong Kong, and associates George Lam, Benjamin Cheung, Ivy Chui in Hong Kong and Liuyang Yu and Robin Weng in Beijing.
Commenting on the deal, Christina Lee, Co-Head of the Capital Markets Practice in Hong Kong and Mainland China, said: "We are very pleased to have been able to assist on this important transaction for the Underwriters, which has provided OrbusNeich Medical with the funding to support its growth strategy, especially at this rather difficult juncture. This matter also further demonstrates the strength of our capital markets teams in Hong Kong and Mainland China, who worked relentlessly and diligently to ensure successful completion of the deal.”
Ivy Wong, Asia Pacific chair of the Capital Markets Practice added: "With Mainland China and Hong Kong easing their COVID-19 measures and Hong Kong potentially bringing in the new listing regime for specialist tech companies next year, these developments will no doubt help improve market sentiment and for Hong Kong to build on its already solid IPO pipeline. As Hong Kong capital markets rebound, we look forward to continuing to bring our strong local and international capital markets capabilities to the table and support our clients with their future transactional needs and fund-raising activities under the different listing regimes."
Baker McKenzie is one of the leading firms for complex transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in key major financial centers, as well as issuers on their proposed listing and fund-raising activities in different jurisdictions. With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is able to guide clients through all stages of the process, providing valuable insights on regulatory developments that could impact the value and feasibility of cross-border transactions, as well as on ongoing compliance issues. The team also assists listed companies in the restructuring of shareholdings, use of stock as consideration, and block trades. Moreover, the team has extensive experience in advising clients on cross-border capital fund raising under different schemes, including the Shanghai-London Stock Connect and the China-Switzerland Stock Connect.
23 December 2022